Webuild (WBD) Q2 2025 earnings summary

Executive summary

• Achieved record first-half revenue of €6.7 billion, up 22% year-over-year, with EBITDA of €564 million and net cash position of €275 million, driven by organic growth and major projects in Italy, Australia, and Saudi Arabia.

• Net income reached €132 million, up 61% year-over-year, despite negative forex impacts; financial leverage improved to 2.6x.

• Robust order backlog stands at €58.7 billion, with over 90% in low-risk, SDG-aligned markets, providing multi-year revenue visibility.

• Fitch upgraded credit rating to BB+ (stable), reflecting improved business profile and contract structures.

• Over 95,000 employees, with a strong focus on talent, innovation, and ESG performance improvements.

Financial highlights

• Adjusted revenues: €6,676 million (+22% YoY); EBITDA: €564 million (+38% YoY); EBIT: €375 million (+65% YoY); EBITDA margin at 8.4%; EBIT margin at 5.6%.

• Adjusted net profit: €132 million (vs. €82 million in 1H 2024); net financial position: €275 million positive; gross debt at €2,924 million.

• CapEx for H1 2025: €454 million; investments in technical equipment reached €412.4 million.

• Gross leverage reduced to 2.6x from 3.0x at end-2024; total cash and cash equivalents: €2,126 million.

• Financial discipline and improved credit standing, with most debt at fixed rates and robust liquidity.

Outlook and guidance

• 2025 guidance confirmed: revenues expected to exceed €12.5 billion, EBITDA above €1.1 billion, and net cash position projected to surpass €700 million.

• Book-to-bill ratio forecasted above 1.0x, with continued focus on cash generation, operational efficiency, and working capital optimization.

• Guidance does not include potential impact from mega projects such as the Messina Bridge.

• Management maintains a conservative approach, reaffirming guidance despite strong H1 performance.

• Strategic focus remains on growth in low-risk markets, innovation, and sustainability.